In Bioartificial Gel Technologies Inc. c. La Reine (2012 CCI 120) (Bagtech), the TCC found that a unanimous shareholders' agreement (USA) caused a corporation to qualify as a CCPC, and thus to be eligible for the refundable SR & ED tax credit, even though more than 50 percent of the voting shares of the corporation were held by nonresidents. The USA specified that the Canadian-resident shareholders were to maintain the ability to elect a majority (or, for part of the period, one-half) of the directors on the board.

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